Marketing can be overwhelming, from printing ads to other activities. Framing marketing strategies not only attract customers but also keeps business operational in a competitive business world. Small businesses may often face situations where they struggle through limited resources. Well-framed marketing strategies for small businesses can save a lot of money and give sustainability in the long run.
Small business owners must be aware of marketing strategy and how to implement these. Let’s discuss this in detail. Scroll down!
What is a marketing strategy?
Marketing strategies are those business plans that are a complete game-changer. These strategies are capable of turning prospective consumers into customers. Strong and effective marketing strategies help in utilizing limited resources to increase sales to provide a competitive advantage for business sustenance.
Marketing strategies help in planning business budgets which can be at the initial stage or in the future. Some of the significant strategies are:
Market Penetration Strategy:
This strategy helps identify new usage of a product and sell to the existing customers. A catchy yet affecting brand message could help in emphasizing the purpose in this case.
Market Development Strategy:
Selling existing products in new geographic markets, which can be international markets as well.
Product Development Strategy:
This is a common form of marketing that involves innovating products to meet the needs based on current market trends. This helps in reaching more new clients.
This is more of building a new business. Selling new products to new markets is what diversification means. This provides new doors of opportunity and helps generate revenue.
Why is a marketing strategy significant for business growth?
Marketing strategies play a significant role in getting your business off the ground. Let’s explore more of its significance in detail.
- It is not possible to deliver everything to everyone. Hence, you need to specify who the targeted customers are. This would help you to get a long-term benefit from a stable customer base.
- Helps you figure out how others are benefited from your business and products. This will help you to create a strong base and stand out from others.
- Marketing strategies help you communicate with your potential customers.
- Marketing strategies help in promoting your business and guide you in structuring the yearly budget.
- You get to know where you are leading and what initiative you need to take for further improvement.
- Effective marketing strategies help you build a more professional business that represents your brand values.
What are the marketing strategies for small businesses?
There is no magic formula or protocol to follow for creating marketing strategies. It is all about bridging the gap between the customer base and business. The right elements will get you to the right place. To know what is marketing strategies, let’s explore the required elements:
Establish a strong brand:
Establishing a strong brand is key to a successful marketing base. Your company or business would be known by your brand. The more effective your brand is, the closer you will be to your goals. Add a suitable name, logo, theme, and add a brand message to make it more attractive. Invest a few extra dollars to get a strong customer base.
Know your target audience:
Once you decide on your niche it is important to go through a market study to figure out your target audience. It is not possible to cater to everyone’s needs. Better, decide your customer base so that you can get a consistent market with long-term benefits. Figure out their demography, age group, the online platform they lookout and their search techniques. Get your questions answered to achieve your target market.
Design an attractive website:
Creating an attractive website is the first chance to make an impression and grab the attention of potential customers. It is the base of a marketing plan that helps a company grab traffic. Add basic info about your business and your products to give your clients a basic idea. Include contact information to help them reach out to you.
Get your rank in Google My Business listing:
List yourself and get a ranking in Google My Business to get more clients. If you run a local business then it would be the most powerful strategy to get hold of your local clients.
Search Engine Optimization:
Most people search their needs online and this is where SEO comes into the picture. In this current trend of online search, it is highly essential to optimize your website. With strategic SEO you can optimize page keywords that ensure you are high on the search and makes a business a lot easier.
Use Google Adwords:
Google counts around 40K searches every second. Nothing compares to the effectiveness of Google Adword as it has the potential to reach such an extended consumer base. Google assigns scores through CTR, relevance, and other related parameters, which factor your bid cost. The higher the score, the lesser will be your bid cost.
Get into content marketing:
Creating relevant content can help you get in touch with a larger community of consumers. This helps in brand building as your content answers a lot of consumer’s questions and gives them enough reason to choose you. Add videos, infographics, articles, and other interesting stuff to increase your domain authority.
Implement email marketing:
Email marketing is another innovative strategy by which you can influence a potential customer to purchase your product or service. Send them relevant content and information or updates about your products at the right time. This will surely convince your clients for specific purchases without costing you much on the marketing budget.
Partnering with other companies would help you increase your reach. Sharing resources will help in brand building and reach out to target customers. Share your email list, blogs, offering to create a successful market base for both.
Your existing customers are the fastest and easiest mode of getting you new leads. Incentivizing themes for sharing their experiences will hold your existing clients and help achieve new ones.
Social media marketing:
If you are a tenderfoot in the business sector and initiated a startup, then the most promising marketing platform would be your social media channels. It is a great place to post user-generated content, address customer concerns, and get feedback. Most people try following social mermaid profiles to check out reviews. Hence, your consistent presence in social media would improve the conversion rates.
Host webinars and offer free consultation:
It is a great way to communicate with your potential customers through online seminars. You can create presentations, host a discussion on related topics, and end it with an engaging Q&A session. Webinars are also a great source for providing training. If you are a service-based company or business enterprise and have made a marketing position in your niche then you can provide free consultation through webinars. Keep it open for potential clients and make it precise.
There are several ways to build a solid marketing plan on a modest budget. Creating marketing strategies for small businesses may be tricky sometimes, but the proper guidance can get you a win-win situation. Structure the entire marketing funnel creatively, strategically and manage the customers tactfully to speed up your business growth.